The Special Situation Report #65: 5/7 Roundup
Summary of the Week in Special Situations
Table of Contents:
Update on Developing M&A
Update on Shareholder Activism
Update on Other Special Situations
Announced M&A
Update on Developing M&A
Strategic Alternatives & Ongoing Situations
BlackBerry (BB) announced a review of its portfolio of businesses (Press Release)
Circor International (CIR) progressing with its review of strategic alternatives (Press Release, Seeking Alpha)
Green Plains Partners (GPP) received a proposal from Green Plains Inc. (GPRE) to acquire its outstanding common units (Press Release)
Holly Energy Partners (HEP) received a proposal from HF Sinclair (DINO) to acquire its outstanding common units (Press Release)
Newcrest Mining's (NCMGY) board is prepared to recommend a takeover offer from Newmont (NEM) (Bloomberg)
Rumors
Braskem (BAK) gained on reports of a potential buyout from Adnoc and Apollo (APO) (Bloomberg)
Freshpet (FRPT) reportedly has no plans to seek a sale (Seeking Alpha)
Thoughtworks (TWKS) reportedly draws buyout interest from Apax, Canada Pension (Bloomberg)
Urogen Pharma (URGN) reportedly hired an advisor after receiving takeover interest (Seeking Alpha)
Update on Shareholder Activism
Exelixis (EXEL) shareholder Farallon Capital urges shareholders to support its board nominees (Filing)
LivePerson (LPSN) shareholder Starboard Value delivers an open letter to shareholders (Letter)
Masimo (MASI) 9% shareholder Politan Capital Management nominated two candidates for the board (Press Release)
Natural Gas Services (NGS) announced a cooperation agreement with Mill Road Capital (Press Release)
Update on Other Special Situations
Magenta Therapeutics (MGTA) announced a reverse merger with Dianthus Therapeutics (Press Release)
Rithm Capital (RITM) may spin-off its mortgage business (Housingwire)
Spectrum Brands (SPB) gained after reaching a settlement with the Justice Department regarding the sale of its door hardware business to Assay Abloy (Reuters)
Announced M&A
Target / Acquirer – Transaction Enterprise Value
Consumer /Retail
Ruth's Hospitality Group (RUTH) / Darden Restaurants (DRI) – $715mm (Press Release, Presentation)
Financials
Midwest Holding (MDWT) / Antarctica Capital – $100mm (Press Release)
Healthcare
Amedisys (AMED) / Option Care Health (OPCH) – $3.6bn (Press Release, Presentation)
IVERIC bio (ISEE) / Astellas (ALPMY) – $5.4bn (Press Release)
Industrials
Arconic (ARNC) / Apollo (APO) – $5.2bn (Press Release)
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The content herein is informational and should not be relied upon as fact. Do your own diligence before making any investment decisions.